Revenue beat. Planet reported Q1 revenue of $66.3M (up 10% y/y), beating consensus by 7%. Growth was led by D&I customers (up 26% y/y), including estimated Space Services revenues of ~$4M. Civil revenue declined 10% y/y due to expiration of the Norway contract.
Margin dip. Gross margin expanded 280 bp y/y but declined 690 bp q/q, reflecting third-party data costs and upfront investments tied to the JSAT contract. While near-term dilutive, the deal allows Planet to monetize excess capacity and drive fleet utilization. Margin recovery is expected as contract economics scale. 
Profits turnaround. AEBITDA was positive for the 2nd straight quarter at $1.2M vs $8.4M loss a year ago, supported by a 280 bp gross margin expansion (55% vs 52%) and a 10% reduction in opex. That said, full-year EBITDA is expected to be negative due to hiring for the JSAT ramp-up, profitability is set to improve in FY27 (est. ~$31M).